Tax incentive to buy a home

I just came from a continuing education course dealing with more effectively helping buyers find a great home. Tons of great ideas and helpful tips on making the experience of buying a home fun, low stress, and fruitful! I would be happy to chat with you about how I can help you do this!

One of the topics we covered was the tax incentives that are now being offered. Apparently there are still many folks who do not even know about it!

For those of you who have questions let me hit on a couple of key points:
1 ) The definition of First Time Buyer for purposes of the incentive is that you not have owned a PRIMARY residence for the past 3 years. If you have a vacation home that has not been claimed as your primary residence then you would still qualify.
2)It is a tax CREDIT not a DEDUCTION. This is important to note because they are so different. A tax deduction lets you not pay taxes on a certain expense, while a tax credit actually deducts a certain amount from the amount of taxes you pay. In the case of the first time credit you would receive $8000.00 off your tax bill. If you owe less than $8000.00 then you can get a REBATE for the difference between what you owe and the $8000.00! For move up buyers this number is $6500. In order to qualify for a move up credit you need to have had a primary residence for 5 consecutive years out of the past 8. If you are not married and you or your partner has not owned a primary residence then you will still likely qualify for the full amount!

More information is available here or please feel free to call me directly at 802-846-7862 (direct line) or 802-355-1800 (cell). I am always happy to chat and answer any questions you may have! You can also email me at David@MyVermontAgent.com

I specialize in the areas surrounding Burlington, Vermont- Essex, Essex Junction, Williston, South Burlington, Shelburne, Charlotte, Jericho, Milton, and the like. Typically if the town is within 45 minutes of Burlington I can help you. If you are moving out of the area I have access to the largest Relocation Network and can help you find a great agent in the area you are moving to...just call me.

Sincerely,
David

The tax incentives go away after April of this year, and I would wager that they will never, ever come around again, so if you are thinking of making a move call me soon! :)